St. Paul daily globe., 1887-06-16
The Second Day Of the Great Wheat
Panic Oh the Chicago Board of
Trade.
Failure After Failure Announced as the
Battle for Financial Life Pro-
gressed.
Fluctuations in the Options for June
and Juiy---Scenes to be Re-
membered.
Transactions in the Monetary Circles of
Wall Street.-The General
Record.

CHICAGO, June 15.-Everybody was on the
qui vive for developments, and while the
excitement did not run as high as yesterday,
the feeling was far more nervous and fever
iSh. The uncertainty of the financial stand
ing of some of the houses was what caused
the greatest anxiety, and as enc firm after
another, some twelve to sixteen in all, gave
notice that they were unable to further mar
gin their trades and asked TO have trades
closed out, the anxiety increased, none know
ing who would be next. Outside influences
counted for nothing. Everything depended
on local developments. Many commission
merchants have refused temporarily 10 make
new trades and are giving all their attention
to the settling up of their old business The
opening was wild and excited, and as the an
nouncement was made by one of the princi-
pal firms connected with the long side
that all margins would be put up, the market
became very strong and prices were, after
numerous sudden fluctuations, started up TO
a point Size higher for June, 1s4c higher
for July, and 10li2c higher for the
other futures than the closing figures of yes
terday. But the advance brought out heavy
offerings again and then came the announce
ments one after another, from firms to close
out their trades and panic quickly followed.
Fluctuations were very frequent, but each
temporary reaction resulted in prices drop
ping lower and lower until toward noon,
when there was a temporary lull and the mar
ket ruled steady fer Il while. Operators eX-
pected some further important announce
ment at noon, and for five minutes a death
like stiffness reigned, but in this short inter
val the hands of the wheat indicator quietly
recorded drop of l2c and lie at a time until
July touched zoe Never before in the his
tory CT the wheat trade has such
AN APPALLING STIFFNESS
reigned with wheat dropping SC i'll less than
that many minutes. Operators gazed blandly
at one another, not knowing where the end
would be- But the reaction came and the
price of July gradually shot up 1c at II time
selling to 73c, followed by numerous auctua-
tions. The decline for July from the highest
point TO day was Gaze, and from the highest
point reacked last week 173sc, closing 2ssc
lower than yesterdays closing. June
declined 9lSc from the highest point
reached this morning, and 25S4c from the
highest point reached last week, closing 434c
lower than yesterday The more deferred
futures ruled premium over near futures,
but all sold lower, August at times ruling 4c,
September 2Ssc and December 15sc lower
than the closing figures of yesterday after
noon and closed at from 1ls@2c lower. The
home markets were all very unsettled and
depressed, and the quantity on ocean passage
Showed large increase. Corn was unset
tied, weak and lower. Trading was of a fair
volume with considerable long corn on
the market and several lots closed out. The
market acted somewhat i'll sympathy with
wheat. The market opened excited at about
Ac higher than yesterdays closing figures,
was steady for a time then ruled weak, de-
Ginning in all 10ll5c, fluctuated some and
, closed lsclower for July and lsc higher for
August than yesterday. July opened at 37l4
@l37SSc and closed at SIC. August opened at
3SSS@3Sl2c and closed at 3Sc. Cash and June
delivery oats were weaker and about 1a014c
better as compared with yesterdays closing
There was considerable trading; good deal
being 3,g done in the way Of settling Up trades
Trading III provisions was brisk but the
market was nervous and unsettled through
out the day, sympathizing with the excite
ment and weakness in grain Free offerings
cause of the sharp decline in prices, though
the weakness in the hog market assisted to
some extent. Lard and short ribs were traded
in very freely, and the demand was fairly
active from those who were on the short
side of the market and were anxious to Sc
cure their profits. Prices fluctuated wildly.
especially between 10 and IL o'clock, when
parties were endeavoring to close out their
trade.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-So 2 June 75l2c asdg closing at zlc;
77c; closing at 74ssc; September, 5sc,
closing at SEC: July, 3714c, closing at 37c;
August, 3S14c, closing at 391ac; September,
39Hc, closing at 39lsc. Oats-No. June,
24ssc, closing at 245sc; July, 25s4c. clos
ing at 257Sc; August, 247sc, closing at 2515c;
September, 20c. closing at 25c. Mess Pork
Per Dbl, June, S22. closing at So. Lard
Per 100 lbs, June, S6.55, closing at S6.4712;
July; $3.50; closing at S6,52l2; August,
$3.50, closing at S6.72I2. Short Ribs-Per
100 lbs, June, S7.55 closing at S7.37l2;
gust, S7G5, closing at S747I2; Sep
tember, S7.77l2, closing at S757lh.
Cash quotations were as follows: Flour
ruled dull and neglected. with prices un-
settled, owing to eXcitementin wheat. Wheat
72l2c; No. red. 70l2@71c. Corn-No. 2,
36l2@367Sc. Oats-No. 2, 24S4@25c. Rye
No. ., 53c. Barley-No 2, soc. Flax Seed
No. l. S1.16. Timothy Seed-Prime. 81 95.
Mess pork, per bbl, S22. Lard, per 100 lbs,
S6.42I2@.6.45. Short ribs sides, loose, $3.50
0g7.35 dry salted shoulders, boxed $500
@5.70; short clear sides boxed, S7.75@
$50. Whisky-Distillers finished goods, per
gallon, S1.1o; RRaeceeipts-Flour, $4,000
bu; oats, 141, 200 bu: rye, 5000 bu; bar
ley, 5000 bu. Shipments-Flour, $4,000
bbls; wheat, 113.C0O bu; corn, 104, 600 bu;
eats, 104, 600 bu: rye, 1000 bu; barley,
1000 bu. On the produce exchange to-day
the butter market was steady and receipts
were large; creamery, 14917l2c; dairy, 12@
16c. Eggs easy and lower at 13@14c.
r. M. NEWPORT G. SON,